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Bulls have again turned out to be more powerful than bears, according to the CoinMarketCap rankinng.
BTC/USD
The rate of Bitcoin (BTC) has risen by 0.32% since yesterday.
On the local chart, the rate is in the middle of the channel, which means that none of the sides has seized the initiative yet. Thus, there are low chances to see any sharp moves by the end of the day, as most of the daily ATR has been passed. In this case, sideways trading in the area of $26,600-$26,700 is the more likely scenario until tomorrow.
Today's slight rise has almost not affected the technical position of Bitcoin (BTC) on the daily chart. The rate remains more bearish than bullish as the price has not bounced back far from the interim zone of $26,400. If the decline continues to that level, one can expect a blast to the $26,000 range soon.
On the bigger time frame, the rate of BTC has made a false breakout of the previous bar peak of $26,878. However, if the current candle closes near that mark or even above it, buyers might seize the initiative, which can lead to the potential test of the $27,000 range the next week.
Bitcoin is trading at $26,661 at press time.
Dan Burgin
Yuri Molchan
Alex Dovbnya
Vladislav Sopov